Introduction:
The PSU has been appointed as the Project Management Consultant for the Phase II campus development of the Indian Institute of Management Raipur. The ₹148.25 crore project involves execution, supervision, and monitoring, with a completion timeline of 23 months.
Share Price movement of Rites:
RITES Ltd(NSE: RITES) stock opened at ₹293.60 today, hitting an intraday high of ₹300.00 and a low of ₹293.20. The current price stands at ₹296.35, reflecting a 3.11% increase from the previous close of ₹287.40. Market cap is ₹14,242.69 crore.
RITES share price rise:
RITES has been appointed as the Project Management Consultant (PMC) for the Phase II Campus development of the Indian Institute of Management Raipur. The contract was awarded by IIM Raipur on a cost-plus basis. The project includes execution, supervision, monitoring, and development.
The contract, valued at ₹148.25 crore, has a timeline of 23 months for completion. RITES will oversee the entire process for the development of IIM Raipur’s Phase II campus. This project involves significant infrastructure and academic development work.
The appointment is a domestic contract, and there is no involvement from related parties or promoters in the awarded entity. The project is not considered a related party transaction, ensuring compliance with SEBI’s listing obligations and disclosure requirements.
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Recent news About Rites:
RITES Ltd has recently announced its partnership with the Indian government for the modernization of railway stations across India. The project will focus on upgrading infrastructure and enhancing passenger amenities. This collaboration marks a significant step towards improving the country’s transportation network.
Stock performance of Rites for Period of 1 week, 6 months and 1 year:
RITES Ltd’s stock has shown a 0.91% increase over the past week. However, over the last six months, it experienced a decline of 11.7%. In the last year, the stock has delivered a positive return of 19.2%, reflecting moderate growth.
Shareholding pattern of Rites:
| All values in % | Sep-24 | Jun-24 | Mar-24 |
| Promoters | 72.2 | 72.2 | 72.2 |
| FII | 3.2 | 3.5 | 4.17 |
| DII | 9.63 | 10.78 | 11.09 |
| Retail & others | 14.95 | 13.5 | 12.53 |
About Rites:
RITES Ltd, a Government of India enterprise, specializes in transport infrastructure consultancy and engineering services. With expertise in railways, highways, ports, and airports, it delivers comprehensive project solutions, including planning, design, supervision, and management, ensuring sustainable development and innovation.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
